A carnival barker offers a game, offering you a random choice of two balls from a...
A carnival barker offers a game, offering you a random choice of two balls from a bag of colored balls. The balls each have a number on them, -2, 2, 3, 5, and 5. Whatever the sum of the numbers is, you win that much money.
What is the expected value of the game?
If the game costs 5 dollars to play, is it profitable, on average, to play this game?
Homework Answers
1) expected value of the game =expected value on 2 balls =2*expected value on one ball
=(-2+2+3+5+5)/5=5.2
2)
since expected value of 5.2 is greater than cost of game, it is profitable to play
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